Issue No 258 - 26 Feb 2008
 
  Nakheel snaps up 50pc stake in Mexican resort

Dubai-based Nakheel Hotels said it has agreed to buy a 50 per cent stake in Mexican resort, One & Only Palmilla in Los Cabos, based on a total enterprise value of $315 million.

Nakheel Hotels has entered into definitive agreements to acquire its stake from certain funds affiliated with the Whitehall Street Real Estate Funds, a series of real estate opportunity funds sponsored and managed by Goldman Sachs, while existing joint venture partner, Kerzner International, will retain its 50 per cent stake, said a top company official.

The resort is a 172-room ultra-luxury ocean front resort managed by Kerzner International under the award-winning One & Only brand, Joe Sita, chief executive, Nakheel Hotels, noted.

'It features a Jack Nicklaus 27-hole championship golf course, a world class 22,000 sq ft spa featuring 13 spa villas, a 7,000 sq ft executive conference centre, two oceanfront infinity swimming pools, acclaimed restaurants and a wedding chapel,' he added.

One & Only Palmilla is located on the Southern tip of Mexico's Baja Peninsula and benefits from oceanfront natural beaches, its own private peninsula and close proximity to San Jose del Cabo International Airport.

"One & Only Palmilla represent an important investment for Nakheel Hotels. We are constantly looking for opportunities to add value to our investments in companies such as Kerzner and this acquisition fulfils that strategy perfectly," Sita added.

Sol Kerzner, Chairman and CEO, Kerzner, pointed out that Latin America was a very important market in the global tourism sector.

'This deal marks our first entry into this lucrative region. We are always seeking to diversify our portfolio and add to our existing investments in North America, Asia and Europe,' he observed.

The resort itself is at the ultra-luxury end of the market and offers a very favourable investment opportunity for Nakheel Hotels.

One & Only Palmilla is one of the top performing resorts in Latin America and has won numerous prestigious accolades including the Top Scoring Property in the Americas 2008 in Conde Nast Traveler (US) Readers’ Choice Awards,' he added.


Source: Trade Arabia News
     
   

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